With South Africa tightening its grip on crypto regulations, crypto asset service providers must act to avoid compliance failures.
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Cryptocurrencies have slid further, eclipsing US President Donald Trump’s recent efforts to buttress the industry.
Crypto exchange Luno says this classification will lead to increased institutional investment and greater tax collection.
US President Donald Trump signed an executive order on Thursday to establish a strategic bitcoin reserve.
Donald Trump’s proposed national reserve of cryptocurrencies in the US is fraught with danger.
Bitcoin was trading up more than 20% from last week’s lows on Monday.
Bitcoin has hit its lowest price since November and is set for its biggest weekly fall in over two years.
Bitcoin is now down more than 25% from the all-time high it set less than six weeks ago.
Bitcoin fell below $90 000 for the first time in more than a month, becoming the latest victim of a widening rout in crypto.
The move by Altvest, which emulates US company MicroStrategy, will “fully comply with relevant financial regulations”.